Home sales up 3.1% in September
According to a Reuters article posted in the LA Times, sales of existing U.S. homes unexpectedly surged 3.1% in September due to low mortgage rates.
While most analysts were surprised, others saw justification.
"We've had a dramatic fall in 30-year fixed mortgage rates over the last several months, and that's created a very favorable backdrop for housing," said David Lereah, chief economist for the Realtors group.
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While most analysts were surprised, others saw justification.
"We've had a dramatic fall in 30-year fixed mortgage rates over the last several months, and that's created a very favorable backdrop for housing," said David Lereah, chief economist for the Realtors group.
Click here for the full story.
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